By integrating Richard Koo's general theory of balance sheets and the general monetary circuit approach through a genuine stock flow analysis, I prove that the two financial crises in the eurozone, the banking and the currency crises, were caused by disastrous policy choices of governments...

To convince international financial investors of the high real value of the Euro, the EMU has established rules that must be enforced in both the short and the long run. These rules are explained and the economics behind them criticized in the context of a monetary production economy in which...

This paper by building on the general theory of the monetary circuit, proves that money-as a pure bank credit liability-exists to overcome constraints on required expenditures by firms, household and mainly the State. From this perspective the paper derives the employment function in the modern...

Will the French economic policy of the new president likely be a replay of the deflationary policies of the early 1980s? These two economists believe it may. Oddly, they argue, the policy reflects the traditions of an Austrianinfluenced right-wing economic philosophy and a Marxist ideology...

This contribution aims at exploring what is today the new "normal" in economic policy, namely, austerity. It must be read as a homage to Karl Polanyi, the first who understood the tragedy, and to Kari Polanyi-Levitt, who expanded on her father's thought. Austerity has nothing to do with old...

[fre] Sismondi et la théorie du déséquilibre macro-économique . . II est prouvé dans cet article que Sismondi opère une véritable révolution théorique, au sens de Morishima. Dans une première section, est présentée la vision sismondienne du modèle d'équilibre ricardien ; Ricardo...